Business
Nephros Announces Fourth Quarter and Fiscal Year 2023 Financial Results
Full-Year Net Revenue of $14.2 Million and Fourth-Quarter Net Revenue of $3.3 Million SOUTH ORANGE, NJ - (NewMediaWire) - March 07, 2024 - Nephros, Inc.
About this update from Nephros, Inc.
[{"type":"text","content":"Full-Year Net Revenue of $14.2 Million and Fourth-Quarter Net Revenue of $3.3 Million\nSOUTH ORANGE, NJ - (NewMediaWire) - March 07, 2024 - Nephros, Inc. (Nasdaq: NEPH), a leading water technology company providing filtration solutions to the medical and commercial markets, today announced financial results for the fourth quarter and fiscal year ended December 31, 2023.Financial Highlights\nFourth Quarter Ended December 31, 2023\n Net revenue from continuing operations was $3.3 million, compared to $2.6 million in the fourth quarter of 2022, up 27%\n Net loss from continuing operations was ($0.7 million), approximately equal to the same period in 2022\n Adjusted EBITDA from continuing operations was ($0.1 million), compared to ($0.5 million) in the\nfourth quarter of 2022, an improvement of 89%\nYear-End 2023\n Net revenue from continuing operations was $14.2 million, compared with $10.0 million in 2022,\nup 43%\n Net loss from continuing operations was ($1.6 million), compared with ($4.3 million) in 2022\n Adjusted EBITDA from continuing operations was ($0.1 million), compared with ($2.4 million) in 2022, an improvement of 97%\n \n\"2023 was an exciting year for Nephros. With freshly streamlined operations and a refocus on filtration, we grew sales 43% for the full year,\" said Robert Banks, President and Chief Executive Officer. \"Additionally, new water management guidance, such as ASHRAE 514, has enabled our expanded salesforce to propel Nephros solutions to the front of the line within healthcare facilities. We believe our infection control water filters are well-positioned to fulfill the latest directive recommendations and serve broadened customer needs.\n\"In my view, our ability to leverage the current regulatory landscape has been a significant driver of growth, as well as our active engagement of new partners and strengthening of existing relationships,\" remarked Mr. Banks. \"Further, we have enacted a series of deliberate and transformative operational improvements to our supply chain management and consolidated expansion of our corporate footprint. Among these improvements was the opening of our new warehouse space in the fourth quarter, which has enabled us to increase delivery efficiency while supporting growing sales and solving the challenge of significant inventory expansion. Another enhancement was the extens...